Leicestershire Cricket Club Announce Healthy Profit
February 6, 2012
Leicestershire County Cricket Club has announced today that the Club made a profit of £294, see 022 for the year ending 30th September 2011.
Total income increased by £650,000 with increased funding from the ECB due to the India Test series and Donations from members.
Most of the other income streams have exceeded budget, helped by winning the Friends Life t20 Trophy and the subsequent participation in the Champions League.
The Foxes also said the expenditure had secured major savings in the coaching department and a further coach not being employed until after the financial year end.
Chief Executive, Mike Siddall said: “The Board is delighted to see a healthy profit after the massive loss in 2010.
“We have implemented a number of measures to bring the Club’s finances under control. The Club has no debt and all payments to HMRC and creditors are up to date, which is a far better position than we were in 12 months ago.
“Leicester City Council has signed a Deed of Variation with regard to the covenant on Grace Road which now gives the Club some tangible security to offer its bankers.
“However, the current year will not have the benefit of the exceptional income received in 2011 and, with the economy close to recession, commercial income is difficult to secure.
“The Directors have set a break-even budget for 2012 and we will need the support of members and corporate sponsors to achieve this target. With this in mind we have strengthened the commercial department in order to produce greater sponsorship and related income.”